Gold prices rise with the dollar’s decline

Gold prices rise with the dollar’s decline
Gold prices rise with the dollar’s decline

Gold prices rose on Wednesday as dollar weakness outweighed pressure from rising US bond yields and persistent fears that interest rates would rise earlier than expected.

And gold rose in spot trading 0.4 percent to $ 1775.21 an ounce by 07:33 GMT.

The yellow metal rose about 1.2 percent on Tuesday, before giving up most of those gains as Treasury yields rose. US gold futures rose 0.3 percent to $1,776.20.

Today, US 10-year Treasury yields approached their highest levels since May 20, raising the cost of holding non-yielding gold.

The dollar index was little changed and remained close to Tuesday’s close, which was its lowest level in almost a week, which dispelled the impact of the rise in Treasury bonds. A weak dollar makes gold less expensive for holders of other currencies.

As for other precious metals, silver rose in spot trading 0.8 percent to $23.84 an ounce.

Platinum rose 0.4 percent to $ 1044.51, and palladium rose 0.2 percent to $ 201.17.

Follow the economic statement via Google News

Print
Email
Facebook
Twitter
LinkedIn
Pin Interest
Whats App

 
For Latest Updates Follow us on Google News
 

PREV Japan’s economy shrinks 3.6% in the third quarter of 2021
NEXT Report: $1.2 trillion global spending on the Internet of Things by 2025